ARC_Collection_Blockchain: The Future of Record Storage

BLOCKCHAIN: THE FUTURE OF RECORD KEEPING

In the wave of the Fourth Industrial Revolution, Blockchain is considered a key technology driving digital transformation and shaping the foundation of future information systems.

With its ability to share data transparently in real time, save storage space, and ensure high security, blockchain technology has become one of the most groundbreaking innovations with wide-ranging applications across various industries and sectors.

Blockchain is designed to be resistant to data modification. Information stored on a blockchain cannot be altered; it can only be added with the consensus of all nodes within the system. Even if part of the blockchain network fails, other computers and nodes continue to operate, maintaining and protecting the stored information.

A distinctive feature of blockchain is its ability to transmit data without requiring intermediaries to verify information. The system consists of multiple independent nodes capable of authenticating data collectively.

Because of these characteristics, experts believe that blockchain technology opens up vast potential applications in fields such as finance and banking, retail, logistics, manufacturing, and telecommunications. However, the most prominent adoption trend worldwide — and in Vietnam — currently lies in finance, banking, and internal auditing.

In the financial sector, blockchain enables participants to build a shared ledger containing all transaction data. When one member updates information, all others in the network can view and read the same data in real time.

Blockchain technology has been applied since 2015, and technology experts predict that in the next three to five years, it will see even broader adoption across industries.